WASHINGTON, D.C. – In response to today’s United States Supreme Court decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Demand Progress Corporate Power Director Emily Peterson-Cassin issued the following statement:
“The Supreme Court just confirmed what was clear all along: this case was nothing more than a cynical attempt by payday lenders to sabotage the CFPB, so they could continue to prey on American consumers. The Court rejected these misguided attacks on the CFPB and confirmed that there is nothing unconstitutional about the CFPB or its funding.
“This case was simple: the Constitution requires Congress to pass a law authorizing funds for the CFPB, and Congress did that. We applaud Justice Thomas for rejecting the Fifth Circuit’s misguided efforts to invent new requirements.
“Today’s decision will preserve stability in the financial markets and ensure the CFPB can continue its important work protecting the American people.”